35.2% of Homes Sold In Phoenix this Month, Sold for Over List Price

Once again, here is our table of Cromford® Market Index* values for the single-family markets in the 17 largest cities as of August 20, 2020. The number of red dots has doubled since last week with Tempe joining Maricopa as a cooling market. They remain extremely hot, so the cooling is barely perceptible on the ground. We expect the number of red dots to increase to 4 by next week, with Avondale and Glendale adding to the cooling markets. Meanwhile, the average increase in the Cromford Market Index (CMI) is still a strong 15.4% over the last month and the more expensive areas are having their turn in the spotlight. We can see Fountain Hills, Scottsdale, Cave Creek and Paradise Valley all mov

Average Price Per Square Foot Hits Record Highs

Below is our table of Cromford® Market Index* values for the single-family markets in the 17 largest cities. For the first time since June 4, we have a red dot in the table. Maricopa's CMI has faded slightly over the last month, despite being close to a record high. The average monthly increase in the CMI remains very high at 23%, but this is down significantly from 32% last week. It is the turn of the more expensive areas to power ahead for sellers, with Fountain Hills up 41% and Scottsdale up 36%. The Southwest Valley is also looking strong with Buckeye up 37% and Goodyear up 33%. We see the more expensive areas heating up, including Scottsdale, Fountain Hills and Paradise Valley, all of w

July Breaks Records in 2020: 65% of Homes Affordable in Greater Phoenix

For Buyers: It’s a jungle out there for buyers, but despite recent appreciation rates the HOI* measure for Greater Phoenix increased to 64.8 for the 2nd Quarter 2020; the previous measure was 63.0. This means that a household making the current median family income of $72,300 per year could afford 64.8% of what sold in the 2nd Quarter of 2020. By comparison, the HOI measure for the United States was 59.6. Historically, a normal range for this measure is between 60-75. During the “bubble” years of excessive appreciation between 2005-2006, the HOI plummeted from 60.1 to 26.6. Typically if it falls below 60, the market should start to see a drop in demand. With the most recent increase howeve

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